Question

caluculate compound interest on 1000 over a period of 1 year at 10% per annum,if interest is compunded quarterly​

Answer 1

Step-by-step explanation:

To calculate compound interest,

First use the following formula to calculate the amount

Then subtract principal from amount to get the compound interest.

Here,

P = 1000

rate, r = 10%

time, t = 1 year

it is compounded quarterly,

thus n = 1 ÷ 0.25 = 4

Amount = ₹1103.8

Compound Interest = 1103.8 - 1000 = ₹103.8

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